Morning Bites (part 2)

💎US jewellery sales grew 6% YoY in February, accelerating from the modest <1% YoY increase in January, IDEX reports, citing the US Department of Commerce. Despite some YoY gain, US retail sales remained seasonally quiet in February, according to Rapaport. In our view, a further recovery in local demand, supported by the widely expected US Fed funds rate cut in 2024, would accelerate the release of the industry's inventories and underpin improving sentiment in the global diamond market

We remind readers that the US accounts for ~53% of global gem-set jewellery demand

#diamonds 
https://metals-wire.com/sector/Diamonds